Georgia

Westmount Realty Capital Purchases 191,526 SF Industrial Portfolio in Metro Atlanta

by Julia Sanders February 23, 2022

NORCROSS, GA. — Dallas-based Westmount Realty Capital has purchased Atlanta Plaza 85, an infill industrial portfolio in the northeast Atlanta suburb of Norcross. The sales price and seller were not disclosed. Atlanta Plaza 85 is a 191,526-square-foot portfolio featuring nine flex/light industrial buildings, with each building averaging 21,281 square feet. The Atlanta Plaza 85 portfolio offers direct access to Interstates 85 and 285 and Jimmy Carter Boulevard. Built between 1979 and 1987, the portfolio was 91.9 percent leased at the time of sale to 49 tenants. Westmount Realty Capital plans to make capital upgrades of more than $1 million over the next five years, including roof replacements and repairs, corridor upgrades, space conversion and HVAC and paving repairs.

February 23, 2022

Development Georgia Multifamily Southeast

Alliance Residential Opens 300-Unit Apartment Community in Jefferson, Georgia

by Julia Sanders February 23, 2022

JEFFERSON, GA. — Alliance Residential Co. has opened Prose Concord, a 300-unit apartment community in Jefferson. Designed by architect Hensley Lamkin Rachel Inc., Prose Concord offers a mix of 159 one-bedroom and 141 two-bedroom apartments. Unit features include white shaker cabinets, granite countertops, kitchen islands and pantries, stainless steel appliances, chrome plumbing fixtures, wood plank-style flooring throughout and walk-in closets. Rents range from $1,190 for a one-bedroom unit to $1,495 for a two-bedroom unit. Community amenities include a clubroom lounge space and entertaining kitchen, coworking spaces, 24/7 fitness center, saltwater pool, grilling stations, outdoor dining areas, fully fenced pet park, a package system and ample parking. Located on nearly 75 acres at 575 Concord Road, Prose Concord is situated less than one mile from Interstate 85. The property is located close to several major employers including Amazon, Bed Bath & Beyond and Toyota.

February 23, 2022

Acquisitions Georgia Retail Southeast

DNA Partners Sells Metro Atlanta Shopping Center for $29.5M

by Julia Sanders February 23, 2022

ROSWELL, GA. — Great Neck, N.Y.-based DNA Partners has sold Connexion at Holcomb Bridge, a 106,711-square-foot neighborhood shopping center in Roswell, about 21 miles from downtown Atlanta. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL Capital Markets represented DNA Partners in the sale. Brixmor Property Group purchased the property for $29.5 million. Connexion at Holcomb Bridge was 93 percent leased at the time of sale to tenants including Planet Fitness, Starbucks, Kale Me Crazy, My Salon Suite, Emory Healthcare Network, Dogtopia and From the Earth Brewing Co. Originally constructed in 1985, the property was expanded in 2014 and underwent a multimillion-dollar renovation in 2016. Situated on 11.8 acres at 1570 Holcomb Bridge Road, Connexion at Holcomb Bridge is located less than one mile from Ga Highway 400.

February 23, 2022

Acquisitions Georgia Office Southeast

CP Group, Cohen & Steers Purchase Buckhead Centre Office Campus in Atlanta

by Julia Sanders February 22, 2022

ATLANTA — Boca Raton, Fla.-based CP Group and an affiliate of New York City-based Cohen & Steers Capital Management Inc. have purchased Buckhead Centre, a 169,000-square-foot office property in Atlanta’s Buckhead Village. The seller and sales price were not disclosed. CP Group will manage the building. Steve Devinney, Billy Graddy and Jack Teken with Stream Realty Partners will oversee leasing for the property. Buckhead Centre includes two office buildings: an eight-story tower and an adjacent seven-story tower. The structures are situated on two contiguous land parcels totaling over four acres, including an attached restaurant building and structured parking. CP Group plans to renovate the buildings. The property has boasted an average office occupancy of 95 percent over the past 30 years. Located at 2970 Peachtree Road, the office buildings are within Buckhead Village, which offers over 800,000 square feet of shops, dining, residences and office. Buckhead Village offers tenants including Dior, Veronica Beard and Warby Parker. The property is also situated 8.3 miles from downtown Atlanta.

February 22, 2022

Acquisitions Georgia Multifamily Southeast

Mill Creek, Wexford Sell 318-Unit Modera Prominence Apartments in Atlanta’s Buckhead District

by Julia Sanders February 22, 2022

ATLANTA — West Palm Beach, Fla.-based Wexford Real Estate Investors and Boca Raton, Fla.-based Mill Creek Residential Trust have sold Modera Prominence, a 318-unit apartment community in the Buckhead neighborhood of Atlanta, to an affiliate of Dallas-based Lone Star Funds. Alex Brown and Robert Stickel of Cushman & Wakefield arranged the sale. John Harkey and Patrick Chesser of Mill Creek represented the firm on an internal basis. Built in 2021, Modera Prominence offers studio, one-, two- and three-bedroom floorplans. The property has approximately 319,000 square feet of rentable area with an average unit size of just over 1,000 square feet. Unit features include walk-in closets, hardwood floors and in-unit washer and dryers. The ground-floor retail space totals approximately 21,000 square feet. Community amenities include a pool, fitness center, laundry facilities, elevator, movie theater and onsite maintenance. Located on 2.8 acres at 3699 Lenox Road NE, the apartment property is situated next to the Atlanta Tech Village and a MARTA station. The property is also located nine miles from downtown Atlanta and 19.6 miles from Hartsfield-Jackson Atlanta International Airport.

February 22, 2022

Development Georgia Multifamily Southeast Student Housing

Lincoln Ventures to Break Ground on 750-Bed Student Housing Community in Athens, Georgia

by Julia Sanders February 22, 2022

ATHENS, GA. — Austin, Texas-based Lincoln Ventures has plans to break ground on 558 West Broad, a 750-bed community located near the University of Georgia campus in Athens. 558 West Broad will be a 600,000-square-foot property that offers 342 units in one-, two-, three-, four- and five-bedroom floorplans. All units will be fully furnished. Community amenities will include a full-service coffee shop, swimming pool, wellness center, residential lounge, private study rooms, study lounge, fitness center with yoga and spin studios, bike storage and a pet grooming station. Construction on the project is set to begin in June with delivery scheduled for fall 2024. Athens-based Smith Planning Group is the civil engineer and landscape architect. Niles Bolton Associates is the design firm, and Variant will work on interior design. Rabren General Contractors will oversee construction of 558 West Broad.

February 22, 2022

Acquisitions Affordable Housing Georgia Multifamily Southeast

Kairos Acquires Affordable Housing Property in Metro Atlanta for $34.6M

by Julia Sanders February 21, 2022

AUSTELL, GA. — Rancho Santa Margarita, Calif.-based Kairos Investment Management Co. has acquired Walton Crossing, a 238-unit affordable housing community in Austell, about 17.8 miles from downtown Atlanta. The undisclosed seller, an affordable housing developer and investor, sold the property for $34.6 million. Built in 1990 on 20.1 acres, Walton Crossing offers one-, two- and three-bedroom floorplans. Unit features include fireplaces, extra storage space, balconies and patios, walk-in closets and energy-efficient kitchen appliances. Community amenities include a pool, private fitness center, playground, tennis and sport court, gazebo, classrooms and community space. The property also includes an adventure center with a kitchen, which offers a complimentary after-school enrichment programs for the residents’ children. Most of the units are reserved for households earning 60 percent or less of the area median income (AMI). Kairos plans to install washers and dryers in the units and deploy Environmental, Social and Governance (ESG) programs to help conserve water at the property. Located at 1820 Mulkey Road, the multifamily community is situated 8.1 miles from Kennesaw State University and 24.8 miles from Hartsfield-Jackson Atlanta International Airport.

February 21, 2022

Acquisitions Georgia Multifamily Southeast Student Housing

Landmark, Blackstone REIT Purchase 2,248-Bed Student Housing Portfolio

by Julia Sanders February 21, 2022

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and Blackstone Real Estate Income Trust Inc. (BREIT) have purchased 2,248 beds across four student housing properties located in Tier 1 markets. The properties’ locations and other property features were not disclosed. The seller and sales price were also not disclosed. The sale is part of the joint venture announced in August 2021 for the two companies to purchase student housing properties across the United States. With this acquisition, Landmark adds to its portfolio of over 54,000 beds. This transaction builds upon Landmark’s volume of acquisitions and recapitalizations that exceeded $1.3 billion in 2021. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT.

February 21, 2022

Acquisitions Georgia Multifamily Southeast

Radco Acquires High-Rise Multifamily Building in Midtown Atlanta for $131M

by John Nelson February 18, 2022

ATLANTA — The Radco Cos. has acquired Skyhouse Midtown, a 320-unit, 23-story high-rise multifamily building in Midtown Atlanta, for $131 million. The Atlanta-based investor has rebranded the property The M by Radius. The seller was not disclosed. Jason Nettles and Megan Thompson of Northmarq brokered the transaction. Built in 2013, The M offers studio, one-, two- and three-bedroom apartments. Community amenities include a rooftop pool and lounge, fitness center and grills all with views overlooking Atlanta’s skyline. The M also includes 8,658 square feet of retail space on the ground floor. Located at the corner of West Peachtree and 12th Street, the property is situated close to the Interstate 75/85 connector. The property also is situated directly across from 1105 West Peachtree, a fully-leased, newly constructed office building that is the new regional headquarters for Google. In addition, the property is across the street from the Epicurean Hotel, Northside Hospital’s in-town campus, SCAD and Georgia Tech. Skyhouse was first created by the developer, Novare Group. Last summer, Equity Residential purchased the adjacent Skyhouse South from the developers.

February 18, 2022

Acquisitions Georgia Retail Southeast

Connolly, Coro Realty Purchase Sprouts-Anchored Shopping Center in Metro Atlanta for $40.5M

by John Nelson February 18, 2022

SANDY SPRINGS, GA. — Connolly, in a joint venture with Coro Realty Advisors, has purchased Sandy Springs Gateway, a 121,370-square-foot, grocery-anchored shopping center in Sandy Springs, about 16.2 miles from downtown Atlanta. The two Atlanta-based firms purchased the center from Atlanta-based Core Property Capital for $40.5 million. Anchored by Sprouts Farmers Market, Sandy Springs Gateway was 82 percent leased at the time of sale to tenants including Snooze A.M. Eatery, Taka Sushi and Passion, Big B’s Fish Joint, Tupelo Honey Café, Blast fitness studio, Corks & Caps, The Whole Dog Market, Chipotle, Kale Me Crazy, Buttermilk Sky Pie Shop and CVS. The property also features 28,000 square feet of second-story boutique office space. Conor Lalor and Eric Zimmerman of Eastdil Secured brokered the sale. Walker & Dunlop secured an undisclosed amount of financing through Credit Union Business Services and Georgia’s Own Credit Union. Coro Realty will manage the property, and LaVista Associates Inc. will lease the retail space.

February 18, 2022

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